• ASX falls ahead of a flurry of economics data this week
  • Uranium stocks up after an announcement from the UK government
  • GQG Partners reports record FUM

 

The Aussie stock market continued its horror start to the year, down another half a percent on Monday. The benchmark index has now lost almost 2% in 2024.

Local traders are wary ahead of a flurry of economic data this week, including the Monthly CPI Indicator on Wednesday, and US Consumer Inflation expectations later tonight.

Now read: Traders’ Diary: Everything you need to know before the ASX opens

The market is also cautious after a stronger-than-expected jobs data in the US released on Friday, which has cast doubt on the timing of the Fed Reserve’s interest rates cutting.

Futures are now implying a 75% chance of a Fed cut in March, down from 90% probability last week.

“The US jobs data affords the Fed plenty of flexibility to delay cutting rates early in 2024,” said BMO Capital’s Ian Lyngen.

On the ASX, all 11 sectors were down today, led by Mining and Tech sectors. The Energy sector, which was in the green earlier this morning, also turned red in the last hour of trading.

The best performing segment was uranium stocks, with Paladin Energy (ASX:PDN) top of the winners’ list, up almost 3%.

Uranium shares rose after news on the weekend that the UK intends to become the first country in Europe to produce its own high-grade low-enriched uranium fuel (HALEU) for nuclear reactors, which is currently only available from Russia.

The UK government said it would invest £300 million (US$382 million) in HALEU – a move that could “displace” Moscow from global energy markets.

Across the region, stocks in Asia mostly dropped today, led by a selloff in tech shares in Hong Kong.

Investors are now waiting for China’s CPI and PPI data later this week to give a better guide on the outlook for its central-bank policy.

 

BIG CAP WINNERS

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GQG Partners (ASX:GQG) was up almost 1% after reporting a record FUM (funds under management).

As of 31 December, GQG’s FUM was $120.6 billion, up from $112.6 billion in November.

“We expect continued business momentum in 2024, and begin the year with a promising pipeline for potential new business,” said the release from the company.

“We believe our strong risk-adjusted returns in 2023 – and over the longer term – in combination with our global, diversified distribution capabilities, position us well in the market.”

Silver Lake Resources (ASX:SLR) rose announcing preliminary December quarter sales results.

Sales for the quarter were 57,360 ounces of gold and 239 tonnes of copper, for H1 FY24 sales of 122,781 ounces of gold and 534 tonnes of copper, with 115,563 ounces from the Western Australian operations.

Sales from both the Deflector and Mount Monger operations were consistent with FY24 guidance.

Silver Lake ended the half year with cash and bullion of $285 million, with no debt and listed investments of $136 million for a net cash, bullion and liquid investments position of $421 million.

 

BIG CAP LOSERS

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